Tehran wants a deal because it is losing so badly under Americas blockade, the US president has that said

President Donald Trump has rejected Iran's latest proposal to reopen the Strait of Hormuz and restart nuclear negotiations, calling the terms unacceptable and arguing that Tehran is seeking a deal because it is under growing economic pressure.

Iranpresentedthe US with what Foreign Minister Abbas Araghchi described as a "concrete seven-day plan" during the UN General Assembly in New York this week.

Under the proposal, Tehran would reopen the Strait of Hormuz and resume negotiations over its nuclear program if the US lifts its naval blockade, eases restrictions on Iranian oil exports, releases frozen Iranian assets, and observes a ceasefire that includes an end to Israel's combat operations in Lebanon.

"I reject their proposal," Trump told reporters outside the White House on Saturday. "They want to make a deal where they open the strait immediately because they're losing so badly."

"They want to make a deal, and I think that's fine. I like making a deal too, but that deal would not be acceptable," he added.

Araghchi said Tehran took note of Trump's public rejection, but is still waiting for a formal response.

"If the necessary conditions are met, the strait can be reopened and normal maritime passage restored within seven days," he previously said, adding that "the choice now rests with the United States."

Trump argued that Iran "outsmarted themselves" by restricting traffic through the strategic waterway, saying the subsequent US blockade deprived it of oil revenues. He has claimed that the US maintains full control of Hormuz and holds the stronger negotiating position.

At the UN General Assembly on Tuesday, Trump said he faces a "big decision" over whether to "annihilate" Iran if negotiations fail.

Trump's rejection confirms earlier reporting by the Wall Street Journal that he had turned down the proposal and told aides that he expects renewed US bombing of Iran after the November midterm election. US officials nevertheless said negotiations through regional mediators are continuing.

(RT.com)